Pledge Path

My formative years at dv01 were truly special. The company consistently attracted smart, ambitious professionals, and I formed lifelong friendships there. While this talent strategy inevitably leads to some departures, it also sows the seeds for something greater. Though dv01 is still young, I predict we'll witness the emergence of a "dv01 Mafia" – akin to the "Children of Fairchild" or the "PayPal Mafia". In the coming years, watch for the outsized impact ex-dv01 employees will have across industries. From real estate and finance to cutting-edge technology, you'll find strands of dv01 DNA everywhere. #dv01 #Innovation #TechTalent #StartupCulture

Some people got a kick out of my post on Zero to One, so I'll add some more interesting ideas from the book. Peter Thiel defines a startup as the largest group of people you can convince of a plan to build a different future. Based on the previous post focusing on the contrarian question, he argues startups need to question conventional ideas and rethink business from scratch. This all stems from Thiel's personal experience at Stanford Law School. He was caught up in a cutthroat race for the highest prize in the legal world - a Supreme Court clerkship. He came close, interviewing with top justices, but ultimately didn't get it. At the time, he was crushed. Years later, after founding PayPal, Thiel realized that losing that competition was the best thing that could have happened to him. Had he won, he might have spent his career drafting other people's deals instead of creating new value. He certainly wouldn't be worth $8 billion. This experience shaped Thiel's view that obsessing over competition can be detrimental. He likes to say "competition is for losers". Instead, he advocates for finding that different future that others don't see. It's not about being the best at a game everyone's playing, but about changing the game entirely. Even successful startups often fall into this trap. From the book: > "Consider the recent proliferation of mobile credit card readers. In October 2010, a startup called Square released a small, white, square-shaped product that let anyone with an iPhone swipe and accept credit cards. It was the first good payment processing solution for mobile handsets. Imitators promptly sprang into action. A Canadian company called NetSecure launched its own card reader in a half-moon shape. Intuit brought a cylindrical reader to the geometric battle. In March 2012, eBay's PayPal unit launched its own copycat card reader. It was shaped like a triangle—a clear jab at Square, as three sides are simpler than four. One gets the sense that this Shakespearean saga won't end until the apes run out of shapes." The funny thing about that is that Apple just wiped them all out by getting rid of the headphone jack. In the startup world, it's about aiming for technology that's 10x better than current solutions, not just marginal improvements. Unfortunately in places like software with entrenched alternatives, you have to provide a 10x better product to get over the switching costs. The alternative is constant bike-shedding and setting your investor's money on fire.

?? Historic Growth in Private Credit! ?? Ares Management Corp. has set a new record, raising an incredible $34 billion for its Ares Senior Direct Lending Fund III, the largest fundraise ever in private credit. Highlights: ?? $15B Equity Commitments: Exceeding its $10B target, with total capital more than doubling including leverage. ?? Global Investors: High-quality, diverse investor base. ?? Significant Deployment: Over 25% of capital already committed to 165+ borrowers. ?? Market Leadership: Surpasses Goldman Sachs' recent $20B fund. Private credit is booming, with direct loans becoming key amidst high rates and regulatory limits on banks. Ares anticipates a rise in deal flow, fueling further growth. ?? Exciting times ahead in this dynamic market! ?? #PrivateCredit #AresManagement #DirectLending #Investment #Finance #Growth https://lnkd.in/dwKtyeDJ